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US-China Monetary Relations: Immune to Crisis?

University of California, Los Angeles (UCLA) - Department of Political Science

May 31, 2009

Abstract:

This article seeks to demonstrate the stability of US-China monetary relations before and after the 2007-09 financial crisis. Domestic and international factors make the disruption of the US-China monetary relation extremely unlikely. On the domestic side, China faces a delicate political situation and US political rhetoric has not been matched with concrete measures. Internationally, China’s military independence supports its growing monetary power. Overall, China’s monetary power ensures internal autonomy from US pressure on currency revaluation rather than allow China to exert a significant external influence.

This contribution pushes forward the existing monetary power theory by developing new concepts and rationalising the existing literature. Moreover, it analyses the dynamics of monetary power with domestic and international arrangements.